Finance

Total inks deal to acquire Direct Energie

The French oil group, which is the parent company of U.S. solar manufacturer, SunPower, is set to acquire a 74.33% stake in France’s third largest power utility, Direct Energie. With this move, Total is gearing up to expand its presence in the power sector, particularly in France and Belgium.

Blockchain project powered by 45 MW of solar launched in Spain

The project, expected to be finalized by April 2019, is being planned by Spanish blockchain platform, CryptosolarTech. A big cryptocurrency mining server, relying on 3,000 servers to mine cryptocurrencies, will be located near Malaga, in the southernmost part of Spain. Ten solar projects totaling 45 MW will provide the necessary power, the estimated aggregate investment of which is €42.8 million.

IRENA: Renewables can account for up to two-thirds of total energy use, and 85% of power generation by 2050

In the latest edition of its long-term renewable energy outlook, IRENA calls for at least six-fold deployment of renewables by 2050, compared to the levels set out in current plans. Investment in low-carbon technologies needs to grow by around 30% to US$120 trillion to enable the energy transition and avoid escalating stranded assets, the report finds.

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Solargiga reports decline in shipments, turnover due to lower ASPs

In the first quarter of this year, the Chinese solar manufacturer registered a 34% drop in revenue, while quartely shipments also declined around 19% year-on-year, to 462 MW.

Taiwan to issue $82 million in new Green Bonds

Taipower, Taiwan’s state-owned electricity supplier, has announced a plan to issue TW$2.4 billion (US$82 million) in green bonds next month, and to use the proceeds raised to develop renewable energy projects, including solar.

Latest 200 MW Jordan solar tender attracts 16 technical bids

Companies and consortia from China, Europe, and domestically have lodged technical and financial offers to build four 50 MW solar plants in Jordan’s Maan Development Zone, the government reveals.

Hanwha Q Cells sees net loss in 2017, despite increased shipments

Korean module manufacturing giant, Hanwha Q Cells reported a net loss of US$9.2 million for the full year 2017, falling from a net income of $127.5 million in the previous year. The company cited a one-time loss associated with the discontinuation of wafer manufacturing as the main reason for the decline.

Copenhagen Infrastructure Partners raises €3.5 billion for renewables

The Danish investment firm will use the funds to finance wind, solar, biomass and geothermal projects across several markets. The final close of the fund exceeded its end goal by €500 million.

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World Bank Group offers $18 million guarantee to PV projects in Namibia

World Bank Group has announced that, through its subsidiary Multilateral Investment Guarantee Agency (MIGA), it will provide up to US$18 million in support of two 5 MW PV power plants to be constructed in Namibia.

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Global solar power funding slows during Q1, 7.7 GW of assets change hands

Mercom’s Q1 2018 report shows only US$2 billion raised during the quarter, a 2/3 fall from the previous quarter and a decline on a year-over-year basis.